KARACHI: , May 8, 2023: Pakistan currency market is showing fragile stability today as US dollar is pegging at Rs 283.60 (buying) and Rs 283.80 (selling) in interbank.
In open market , US dollar is trading today at Rs 286 (buying) and Rs 288.50 (selling) respectively Other major currencies showed mixed trend in terms of value against the local currency.
Saudi Riyal is trading at Rs 75.20 (buying) and Rs 76.00 (selling) respectively. UAE dirham rate in open market today is Rs 77.20 (buying) and Rs 78.00 (selling) respectively. . Euro rate is Pakistan currency market today is Rs 312 (buying) and Rs 315 (selling) respectively. Pound Sterling rate today is Rs 357.50 (buying) and Rs 361.00 (selling) respectively. AUD rate today in local currency market is Rs 191 (buying) and Rs 193 (selling). CAD rate today is Rs 211 (buying) and Rs 213 (selling) respectively.
Chinese Yuan rate today in local market is Rs 45 buying and Rs 47 selling respectively. Afghan’s currency is also performing better than Pakistan’s currency. Its rate vis a vis rupee today in the local market is Rs 3.20 buying and Rs 3.60 selling respectively.
Pakistan’s currency is under pressure for a variety of reasons like low forex reserves, more demand of USD in the local market. The delay is reaching to an agreement between the government of Pakistan and International Monetary Fund (IMF) is a core reason of devaluation of the local currency against all major currencies. Despite its best efforts to woo funds from IMF and other bilateral donors and lending agencies Pakistan is yet to see any success on this front and its causing financial mess for Pakistan.